IRA OptionsBuilt to Save for Retirement
How much are you currently saving for retirement? How long will your retirement savings last? When will you be able to retire? If you don’t know the answer to these questions, you could benefit from a retirement account with Union Bank & Trust. We offer both traditional IRAs and Roth IRAs for you to choose from.
Call our team at 612-379-3222 to learn more about your retirement account options at Union Bank & Trust.
Retirement Account Features
Each retirement account we offer has 12, 24, and 36-month maturity options and contribution limits of $5,500. Clients aged 50 and older can make an additional $1,000 catchup contribution during the year. Your IRA options include:
- Traditional IRA: This account offers tax-deferred contributions and potential tax deductions on contributions, but withdrawals in retirement are taxed as ordinary income.
- Roth IRA: This account features after-tax contributions but allows for tax-free withdrawals in retirement, making it advantageous for those anticipating higher tax rates in the future or seeking tax-free growth.